Citi launches its digital identity solution Citi Managed Identity Services. This new offering from Citis Global Transaction Services business enables Citi clients to use digital identity and signature technologies to effectively and securely manage the exchange of electronic information in digital commerce and business critical transactions.
The expansion of electronic commerce and globalization of supply chains is driving companies to streamline their business processes and move to a sustainable, industrial-strength, paperless environment without compromising security, confidentiality, compliance, and integrity of transactions. Citis Managed Identity Services will provide clients the requisite security and assurance framework to confidently transact business. As part of the solution, Citi issues digital identities that can be used in a number of ways including authenticating end users to applications, encrypting and locking down data, and replacing wet ink with digital signatures, without compromising legal enforceability.
In 2007, Citi conducted a soft launch of the business to gather market feedback and to conduct pilots and proofs-of-concept around the use of high assurance digital identity in business-to-business interactions. As a result, Citi is launching a number of new capabilities in 2008 including high-assurance authentication and authorization capabilities, which provide firms fine-grain visibility and control over the end-to-end payment transaction process.
“Our product vision is addressing the critical business problems faced by our clients today,” says Paul Galant, CEO of Global Transaction Services at Citi. “Coupling the strength and value of our higher identity assurance processes backed by bank-grade service reliability with value-added services, allows us to provide complete solutions that create greater efficiencies for our clients.”
Electronic Bank Account Management, expected to be released later this year, will enable clients to reduce the paper and duplication associated with account related events such as incremental account openings, signatory management, and account maintenance across multiple legal entities and/or accounts. Authorized persons will be able to electronically initiate new account requests, establish signer authorizations and issue other account maintenance instructions via documentation that is digitally signed and transmitted to the bank via one transmission.